Stratview Research has published a new report titled “All-Terrain Vehicles Market” which is segmented by Vehicle Type (Utility, Recreational, Sports, and Youth), by Application Type (Sports, Entertainment, Agriculture, Military, Hunting, and Others), by Displacement Type (Low CC, Mid CC, and High CC), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market was expected to grow from USD 4.3 billion in 2021 to USD 5.7 billion by 2027 at a healthy CAGR of 4.8% during the forecast period of 2022-2027.
Report Highlights
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It thoroughly analyzes the market segments, including products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis –
Vehicle Trends
The market is classified as utility, recreational, sports, and youth. The Utility is estimated to remain the most preferred vehicle type in the market over the next five years. All the major players have a large product offering targeting the utility segment.
The Sports Vehicle type is expected to grow at the fastest rate of 6% during the assessment period of 2022-2027. This is majorly due to the increased applications of ATVs in sports and recreational activities.
Application Trends
The market is segmented as sports, entertainment, agriculture, military, hunting, and others. The Sports Application segment accounted for the largest market share of more than 30% in 2021 and is projected to expand further at a steady CAGR from 2022 to 2027.
More than 50% of ATV sales come from sports and entertainment applications. These applications are expected to remain the largest types in the next five years as well, owing to an increase in the demand for ATVs for sports applications such as racing in hilly, desert, and ice regions.
In addition, the increasing number of adventure enthusiasts worldwide also influences this segment’s growth.
Which Region is expected to remain the largest market?
North America is expected to remain the largest market for all-terrain vehicles during 2022-2027, owing to the high demand for power sport vehicles including ATVs in the military, agricultural, sports, entertainment, hunting, forestry, mining, and construction activities.
The Year 2020 proved to be invigorating for ATV manufacturers, particularly in North America. The demand for ATVs soared extremely high, reaching new heights.
Asia-Pacific is expected to witness the highest CAGR of 6.4% from 2022 to 2027. Markets, such as Australia, China, and India, generate a sizeable demand for ATVs as well as other power sports vehicles.
Who are the Key Players in the Market?
This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, which will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players acting in the All-Terrain Vehicles Market:
- Arctic Cat Inc.
- BRP Inc.
- Polaris Inc.
- Yamaha Motor Co., Ltd.
- Honda Motor Co., Ltd.
- Kawasaki Motors Co., Ltd.
- Suzuki Motor Corporation
Key questions answered by the report.
- What is the projected CAGR for revenue from the All-Terrain Vehicles Market during the forecast period?
- What would the market be valued at by 2027?
- What is a major driving factor for the growth of the market?
- Which region accounted for the largest revenue share in the All-Terrain Vehicles Market?
- Which are the major market players?
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